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As an American I'm all for this. We need to feel harsh pain if we're ever to correct our trajectory.
I think we will just end up in a militarized police state. Under constant surveillance
This seems to be a common ideology. It seems to have the idea that American Exceptionalism needs a humbling dose of economic collapse, and then all will be good. The thing is, I don’t completely buy the “and then all will be good” part. There are far too many rich twats standing at the ready to purchase up any remaining stable assets, while the average joe struggles to afford even basic needs. Is that really the pain that America needs for it to learn its lesson? Especially when the boundaries between private money and politics are so thin and blurry, what benefit can you see from further enriching the oligarchs of the west?
I would expect an economic collapse to be a fatal blow, by this point, to the way of life that Americans and American immigrants had long sought after: the chance to get ahead in life. Its a wealth transfer. Far less humbling than it is completely destructive, and you’ve got to ask what the world looks like from that point forward. How do you manage a US that looks a little more like new Russia than the old US?